The 65-bed nonprofit hospital has more than $14 million in long-term debt and has experienced a steady decrease in patients, according to the station, which cites documents it obtained.
Now, St. Mark’s wants to improve its financial picture and avoid closure through a Fayette County Hospital District.
The district would help finance the community hospital by taxing county homeowners. It would help pay for equipment, recruitment efforts and other initiatives.
Voters must approve the district. But if they do, the expected tax rate will be 10 cents per $100 valuation, according to KXAN. The station notes that the rate could, however, reach as high as 25 cents, based on the proposed tax cap for the district.
Opponents of the district have reportedly argued that hospital management has not been fully transparent regarding St. Mark’s finances, and some perceive it as a bailout.
Election day is June 13.
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